Lagos Gets State Oil Company

Lagos State has launched its own oil company called Ibile Oil and Gas Corporation, IOGC.

The company was formally inaugurated on Monday and will serve as the oil and gas arm of the Lagos State-government.

State governor, Akinwunmi Ambode, at the launch described the move as another giant stride in the effort of the state to leverage on its oil and gas, having emerged as on oil producing state since last year.

“Lagos State is at the threshold of witnessing a boost in economic growth and employment generation given the evolving developments in its investment climate, particularly the oil and gas sector.

“The Dangote refinery, the largest in Africa and one of the biggest in the world, will soon come on stream at the Lekki Free Trade Zone (LFTZ).

“This multi-billion dollar investment will effectively complement the oil exploration activities of Yinka Petroleum and other oil exploration companies that will also operate in the Dahomey Basin in the future.

“This will complete the Lagos State oil and gas security tripod of exploration and logistics in the western axis, refining in the eastern axis and funding and exportation through the banks and the ports in the central axis,” said Ambode, who was represented by the state Commissioner for Energy and Mineral Resources, Mr. Olawale Wasiu Oluwo.

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